Car which looks like is still under finance.

emy

I found a car and plan to buy it. I have got a report from MyVehicle.ie that the car it has an outstanding finance, it was in the UK, the car is from 2016. The owner bought it in Dec 2020 according to data, he might have got a loan and still has over a year to go to pay it off, he said nothing about it. I called the Irish phone number, gave the reference no. they checked it but could not disclose any info with me, I am not the owner. I will meet the private seller again and I will ask.

Nigzcurran

Maybe they paid the finance off early, seller will have proof of it if so

emy

https://www.boards.ie/discussion/comment/122550826#Comment_122550826

Thank you for reply, I will ask him this week when test the car.

darragh o meara

I have rang one of these before and the question you need to ask is " Do you have a financial interest in vehicle ( add details, make model and reg ) " They should be able to give you a Yes/No answer.

Going on all the ads online the likes of Carvertical ( not sure if it works here ) gives the details of finance agreements outstanding on the vehicle being checked.

Del2005

https://www.boards.ie/discussion/comment/122550870#Comment_122550870

There's no issue with selling a car with finance owing. All the vendor does is get the closing price from their provider. The purchaser then makes 2 payments one to the loan company for the amount outstanding and the rest vendor

Sono

you cannot insure a vehicle which is legally not yours, you have no insurable interest in it.

buy this car and it is not legally yours, avoid at all costs would be my recommendation

emy

I had a word with seller, he said that he has paid off the outstanding balance two months ago and also has a proof . I will see if we agree with the price…

Thanks all for your help/advise.

By the way, this forum is one of a few, if not the only one, when you post a message, you get a reply very quick. :)

Nigzcurran

And it's great when people like yourselves come back with an update 👍🏻

Mick Tator

@emy Do not accept confirmation from the vendor that the car finance has been fully repaid – get it yourself from the finance company/agency. The vendor does not have title to the car until the Finance co says he has; as a result, he cannot pass title to you and, if you complete the purchase and the outstanding amount is large enough, the Fin. Co will seize the car from you.

Sono

https://www.boards.ie/discussion/comment/122561399#Comment_122561399

100% agree with this, do your own due diligence, do not trust what a seller tells you especially regarding finance.

You will run into problems with insurance if this vehicle finance has not been cleared.